Co-signing for a Family Member
There is no harm in supporting family members. But what do you do when a family member asks you to co-sign when they want to refinance their house? Co-signing is tricky and, hence, needs to be carefully thought out before putting pen to paper. If you cosign for the wrong person, you could see your credit score plummet.
A Reddit user shared this experience when his older sister asked him to co-sign on her house refinancing. He asked for her financial records so that he could have a good understanding of her financial state. She told him that it was too much work for her. Thankfully, he was able to dodge a bullet. He could have spent the rest of his adult life trying to fix his damaged credit score.
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